Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19319. (Read 26623300 times)

well i am sorta short.. cuz i refuse to buy at these inflated prices. .. if recent past then this will be back down at 380 here soon . it appears everyone dumped eth finally . that might be reason for this pump.

The political environment is weird and volatile right now. Every action could be used for flaming - either way an argument goes. For example:

If, say, devs make some changes that lead to increased fees "ohhh they want to exclude the small guy..."
If, say, devs make some changes that lead to fee reductions "ohhh they are fucking over the miners and the long-term security of the network"

If, say, miners process junk txs with near-zero fees, "ohhh they are including all the spam"
If, say, miners don't process junk txs, "we must take action to FORCE miners to mine txs, they can't just mine nearly empty blocks because they don't like the small fees paid"



Long-term goal is for bitcoin to be able to handle every microtx.

Short-term, while hardware, network and software aren't up there yet, is to "manage" the situation, even by excluding small micro-txs as uneconomical to be processed. This is not something that "Core" started. It was started by Satoshi himself.

Bumping the blocksize up with current software, networks, storage, cpu etc etc, is hitting a wall after a few tens of txs per second - it doesn't work for a massive payment system, and definitely not for microtxs.

It needs much better networks/storage/processing power, or it needs much more efficient software (or a combination of both) to get there for microtxs.

In theory the network is agnostic whether you transfer 0.01 btc or 10 btc. But in the real world, when a bank or paypal charges you 20$ for a 300$ transfer, it's best if you take this through BTC - and you keep the 20$.

...and when you have, say, 30 txs per second in BTC as max capacity, you'd better be utilizing them to the best of your ability to maximize your savings versus the banking system, by saving serious money that would be paid in banking fees (10-20-100$ in traditional payment method fees) rather than wasting these 30 txs/sec with microtxs, dice, etc. Besides, there are altcoins that would be far cheaper for this type of use. When the system is able to do 300-3000-30.000 tx/s, then even microtxs will be quite viable.

ask the miners getting paid these fees if they feel they are getting abused....
the goal has always been to get so many TX that a tiny fee supports mining.
"spam" ( millions betting <1$ on dice games)  will allow for me to play dice games at nearly no cost. so i like le spam

and no i don't care how my hardrive feels about this.

date for HF is march/april 2017.

where i got that from? sources. 

Near zero-cost txs = near zero-cost abuse.

When you have systems that are highly inefficient and thus vulnerable to abuse in order to achieve being trustless and decentralized, then you have to protect these systems from abuse through economic disincentives.

This is not only relative to bitcoin: Altcoins suffer the same fate. There is no alt that can have near-zero or zero fees and not have an open attack vector of abuse.

However, what is now problematic, may not be in the future as technology progresses.

From 1995 to 2015 we went 1000x in networks, storage, cpu etc. Till 2036 we could see a similar growth pattern of 100x-1000x-10.000x - who knows.

Two things:
It's the end of Chinese New year and the banks are open again there.

The Chinese miners sent a group letter to Core pledging that they would not change client software, but would they please give a date for a 2MB hard fork and tell us when they decide in the next three weeks?

The Chinks who are behind the pump seem to think that will force Core's hand because of the implied threat that maybe they won't be so committed without a clear answer.  Nobody in China wants to see a contentious hard fork and now they think they have avoided the risk.  Core has yet to respond publicly. 

I think this is overly optimistic, but what do I know? It seems like celebrating a winning election before the votes are counted, not exactly an unknown occurrence in Bitcoinspace.

Coin



Explanation

price is pretty decent right now, i hope that it will be stable or only grow because i want to see huge increases

so micro transactions at nearly no cost. is a flaw not a feature?

https://bitcoinfees.21.co/

Which fee should I use?

The fastest and cheapest transaction fee is currently 40 satoshis/byte, shown in green at the top.
For the median transaction size of 258 bytes, this results in a fee of 10,320 satoshis.

....
Fees are at just 0.04 USD for urgent first block inclusion. And you can go down to 0.01-0.02 USD if you are willing to be included in the next 2-3 blocks instead of the next block.

So there are tonz of crap added every second that evidently aren't in any rush to get quickly validated. This means that whether 100KB, 1 MB or 10MB, it doesn't matter. A spammer can always fill them with junk as long as there are willing miners to process near zero cost txs.

With the fees for first block inclusion being at 0.04 USD, and +2/3 blocks at 0.01-0.02$, we have a near-zero-cost tx situation which allows near zero cost spamming / bloating etc, especially for low-urgency "transactions".

 

if you absolutely need to attribute his rise to something rescent.

http://www.coindesk.com/dubai-government-backs-expansive-blockchain-tech-research-effort/

^Take comfort in the fact that this is all just Ethereans crashing out. It will be over before you know it.

So is the current upward trend based on anything specific? It doesn't seem that any fundamental disagreements have been resolved. Is this simply people hunting shorts to push it up to then ride shorts down?

(I expected some movement due to alter pump and dumps but was still surprised with this. I expected some ltc movement before btc movement. )

What's driving this up trend and what's the thought as to where we are going? I guess I expected more 380 sideways until 2mb resolved. I'm happy for the increase, it just doesn't seem real and I'm having difficulty believing we are now upward and onward. Like weird btc ptsd lol

back in the day we had a limits too.

 "640 k ought to be enough for anybody." - Bill Gates, 1981

LOL

#prayforbillyjoeallen

Yeah, I'm short. I have a tiger by the tail and I can't let it go. Really stupid, I know, but I'm so far upside down now that I might as well let it ride.  Just look for like a  spike on BFX. That'll be me blowing up.


Bitcoin can't scale, but that won't stop the gamblers from pumping. We all suspected something was wrong with Gox, but it didn't stop the Big Bubble in 2013.  The Chinese are still driving this thing and you know how Asians drive...

just wait till 2MB blocks are full

that'll be twice as bearish.

i'm still here.. i play both sides.

i told him at that time, you will be here just as long as this bear market goes on. as soon as the tide turns you and your shithole-friends will be gone, but we, the bulltards, will still be here.

and thats exactly what happend.